Oil demand set to rise by 2023, says JP Morgan

Oil&Gas 18 January 2022 14:11 (UTC +04:00)

BAKU, Azerbaijan, Jan.18

By Leman Zeynalova – Trend:

World oil demand is expected to stand at 99.7 million barrels per day (mbd) in 2022, as compared to 96.2 mbd in 2021, Trend reports citing the JP Morgan Bank.

World oil demand is expected to reach 98.2 mbd in Q1, 98.9 mbd in Q2, 101 mbd in Q3 and 100.6 in Q4.

Monthly oil demand forecasts for 2022 are as follows: 97.7 mbd in January, 99.3 mbd in February, 97.7 mbd in March, 98.6 mbd in April, 98.1 mbd in May, 99.8 mbd in June, 101.4 mbd in July, 101.5 mbd in August, 100 mbd in September, 100.3 mbd in October, 101.1 mbd in November and 100.6 mbd in December.

JP Morgan expects the global oil demand to continue the upward path in 2023, rising to 101.3 mbd. The quarterly production will stand at 99.4 mbd in Q1, 100.7 mbd in Q2, 102.5 mbd in Q3 and 102.4 mbd in Q4.

Monthly oil demand forecasts for 2023 are as follows: 98.8 mbd in January, 100.8 mbd in February, 98.8 mbd in March, 100.5 mbd in April, 100.0 mbd in May, 101.7 mbd in June, 103.0 mbd in July, 103.2 mbd in August, 101.2 mbd in September, 102.0 mbd in October, 102.9 mbd in November and 102.2 mbd in December.


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